American Campus ( ACC) coverage resumed at Bank of America/Merrill Lynch with a Buy rating as college housing is inelastic to economic factors. 2009 and 2010 EPS estimates set at $1.56 and $1.68, respectively. $26 target price.

Allergan ( AGN) upgraded at Citigroup from Hold to Buy. $57 price target. Expect higher Botox sales, and Latisse guidanc appears conservative.

Akamai ( AKAM) upgraded at Kaufman from Sell to Hold. $21.75 price target. Recent checks suggest that value-added services performed better in the second quarter.

Bank of America ( BAC) downgraded at Fox-Pitt from Outperform to In-Line. $13 price target. Company is struggling to generative positive core earnings.

BJ Services ( BJS) downgraded at Wells Fargo to Underperform. See pressure pumping margins falling even further. Stock could have 31%-38% downside potential.

Peabody Energy ( BTU) upgraded at Friedman, Billings Ramsey to Outperform. $44 price target. Long-term steel and steam demand trends from India and China should drive growth.

Cameron International ( CAM) upgraded at JP Morgan. Rating raised to Overweight from Neutral. Price target raised to $40 from $24. 2009 EPS estimates raised to $1.85 from $1.80.

Caterpillar ( CAT) upgraded at Merrill/BofA to Buy from Neutral as construction market shows a bottom. Price target raised to $45 from $36. 2009 and 2010 EPS estimates set at $0.91 and $1.27, respectively.

Cisco ( CSCO) upgraded at Credit Suisse to Outperform from Neutral. The raise in numbers was prompted by its expected earnings momentum and public data points that suggest business trends are improving. Increased price target to $25 from $22.

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